Home Equity Line of Credit (HELOC)
Home Loans—Provided by Quicken Loans®
Looking to use the home equity you've built in your home? Get a competitive-rate home equity line of credit (HELOC), with no prepayment penalties or balance requirements and a quick closing, through Schwab Bank's home equity lending program provided by Quicken Loans—the nation's largest online mortgage lender1 with over 31 years of experience.
Ready to take advantage of your homes equity?
Mon.–Fri., 8 a.m.–9 p.m. ET; Sat., 8 a.m.–4 p.m. ET
Charles Schwab Bank
1. "Quicken Loans is the #1 online lender and the 3rd largest retail mortgage lender in America according to National Mortgage News."
2. Home equity lines have a 10-year draw period followed by a 20-year repayment period. During the draw period, you will be required to make monthly payments of accrued interest. Payments will increase if rates increase. At the end of the draw period, your required monthly payments will increase because you will be paying both principal and interest.
3. Major purchases do not include purchasing for commercial purposes, securities, and margin.
HELOC Terms: As of 06/02/2016, the annual percentage rate (APR) for a primary residence is 4.24%. Rates vary for second homes or vacation homes. The APR on your home equity line of credit is variable based upon the Wall Street Journal Prime Rate plus a margin. The maximum APR that can apply is 18% or the maximum amount permitted by state law, whichever is less. The minimum credit line amount is $50,000 or the minimum amount permitted by state law, whichever is less. The maximum credit line is $1,000,000. Additional terms and conditions apply. You may not use this home equity line as a bridge loan, for commercial purposes, to invest in securities, or to repay a margin loan.
HELOC Fees: The estimated fees you may pay on the amount drawn from your line ranges from $0 - $29.00 for every $1,000, and will vary based on the location of the property. The amounts provided are estimates and are not a substitute for initial disclosures of closing costs that you will receive once you apply for a loan with Quicken Loans. Proof of proper and adequate insurance may be required prior to closing.
This offer is subject to change or withdrawal at any time and without notice. Nothing herein is or should be interpreted as an obligation to lend. Loans are subject to credit and property approval. Other conditions and restrictions may apply. Hazard insurance may be required.
Charles Schwab Bank and Charles Schwab & Co., Inc., are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Investment products are offered by Charles Schwab & Co., Inc. (member SIPC). Charles Schwab & Co., Inc., does not solicit, offer, endorse, negotiate, or originate any mortgage loan products and is neither a licensed mortgage broker nor a licensed mortgage lender. Home lending is offered and provided by Quicken Loans Inc., Equal Housing Lender. Quicken Loans Inc. is not affiliated with The Charles Schwab Corporation, Charles Schwab & Co., Inc., or Charles Schwab Bank. Deposit and other lending products are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender.
Quicken Loans is licensed in all 50 states Quicken Loans Nationwide Mortgage Licensing System #3030. Restrictions may apply. Equal Housing Lender. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc.
Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. "Quicken Loans" is a registered service mark of Intuit Inc., used under license.